Leading Accounting Advisory Firm, BDO, On How Businesses Can Survive COVID-19

Now that New Zealand has transitioned into Level 1, social distancing restrictions have eased, becoming some of the lightest in the world. Many companies have begun the process of recovery, but Michelle Hill and Doug Haines, advisory partners for BDO in Rotorua and Wellington respectively, say that having a plan is vital. 

Every industry has been rocked by the recent crisis, and despite the New Zealand economy’s resurgence, for many businesses, full recovery may still be months or even years away. An extension to the government’s wage subsidy scheme has been announced, but with tougher restrictions for application, the biggest hurdles yet may lie in wait for some. 

Doug Haines has spoken about what business can do to endure the challenges ahead, suggesting that part of a good plan could involve the ‘SPIN’ cycle. First coined by 'consultative selling' pioneer Neil Rackham, the SPIN cycle refers to a system for managing periods of instability. The acronym stands for Situation, Problems, Impacts, Needs, and follows four basic steps—one for each concept. First, understand the situation, then isolate the specific problems arising from the situation. Next, understand what impacts these problems will have on your business, and finally identify what you need in order to overcome these problems.  

A comprehensive business recovery plan needs a well-thought out approach, but requires tailoring to specific businesses and industries. When designed well, they can also help quantify and monitor the recovery of a given company.  

Since the beginning of NZ’s lockdown, BDO has been helping New Zealand businesses lay out a framework for managing the coming winter. Success in these times is determined by preparation, and BDO offers a range of solutions for preparing for the future. To find out more, visit the BDO website, by clicking on the following link: https://www.bdo.nz/en-nz/covid-19